• The company’s revenue rose to $142.2 million in 2024 but fell to $68.6 million in the first half of 2025.
• Its net losses widened to $282.5 million.

Gemini Trust Co., the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has filed for a U.S. initial public offering and named several major banks to lead the deal.

Goldman Sachs, Citigroup, Morgan Stanley and Cantor Fitzgerald will act as lead bookrunners on the planned Nasdaq listing, Gemini said in a filing on Friday. The company intends to trade under the ticker symbol GEMI.

Additional bookrunners include Evercore ISI, Mizuho, Truist Securities, Keefe, Bruyette & Woods, Needham & Company, Cohen & Company Capital Markets and Rosenblatt Securities, with Academy Securities and AmeriVet Securities as co-managers.

The S-1 submission follows a confidential filing in June with the Securities and Exchange Commission. The company did not disclose the number of shares to be sold or the expected price range.

See Related: Nasdaq Sets Sight On First Tokenized Trading With SEC Approval

Regulation And Adoption

Gemini reported revenue of $142.2 million in 2024, up from $98.1 million the previous year, while cutting its net loss to $158.6 million from $319.7 million.

In the first half of 2025, revenue slipped to $68.6 million from $74.3 million a year earlier. Net loss widened to $282.5 million, compared with a loss of $158.6 million in all of 2024. The firm also reported an EBITDA loss of $113.5 million for the period.

Gemini warned in its filing that blockchain firms face significant risks tied to regulation and adoption. “Key factors influencing the further development of blockchain networks and digital assets include the global adoption of digital assets and blockchain technology; regulatory and quasi-government restrictions on access to and operation of blockchain networks; and the maintenance of open source protocols that support blockchain networks,” the company said.

The exchange is the latest digital asset company to pursue a public listing, following moves by Circle, eToro and Bullish, the parent of CoinDesk. Custodian BitGo has also filed to go public.

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